FRD vs MTRN: Correlation
Measured on weekly returns over the past three years, Friedman Industries Inc. (FRD) and Materion Corporation (MTRN) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FRD and MTRN?
Across a 3-year window, the weekly returns of FRD and MTRN correlate at 0.44, moderate. The past 12 months show a tighter link (0.59) than the 3-year average (0.44). Stretching to 5 years gives 0.37, with an annualized covariance of 1012.2 %².
By 3-year correlation, MTRN places #4 of the 12 assets tracked against FRD. The trailing year gives FRD the advantage: +137.8% versus +123.6%, a 14.2-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FRD vs MTRN: side by side
| FRD (Friedman Industries Inc.) | MTRN (Materion Corporation) | |
|---|---|---|
| 1-year return | +137.8% | +123.6% |
| 5-year return | +282.9% | +248.3% |
| Volatility (ann.) | 50.1% | 45.7% |
| Beta vs S&P 500 | 1.10 | 1.51 |
| Max drawdown (3Y) | -34.6% | -47.8% |
| Market cap | $0.3B | $5.1B |
| P/E (trailing) | 11.7 | 54.9 |
| Dividend yield | 0.38% | 0.24% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FRD | MTRN |
|---|---|---|
| 2022 | +5.3% | -4.3% |
| 2023 | +59.0% | +49.4% |
| 2024 | -0.3% | -23.7% |
| 2025 | +35.3% | +26.4% |
| 2026 | +120.0% | +98.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FRD and MTRN good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FRD and MTRN?
As of 2026-08-27, the correlation of weekly returns between FRD and MTRN is 0.44 over 3 years, 0.59 over 1 year and 0.37 over 5 years.
Is MTRN a good diversifier for FRD?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/frd-vs-mtrn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/frd-vs-mtrn/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FRD correlations · MTRN correlations
